COLUMBUS – Department of Insurance Director Jillian Froment has been appointed to serve on the Federal Advisory Committee on Insurance (FACI). The committee provides advice and recommendations to the Federal Insurance Office (FIO).
FACI was established in 2011 to serve as a forum for insurance stakeholders to provide non-binding advice and recommendations to the Federal Insurance Office (FIO), and to assist FIO in carrying out its statutory authorities. The committee consists of a maximum of 25 members and must have a balanced membership that includes a cross-section of the insurance market and provides representation for the insurance industry, insurance regulators, and consumers.
“Collaboration between FIO and state insurance regulators is critical in maintaining stability in insurance markets across the country and working to protect consumers,” Froment said. “I appreciate the opportunity to work with many different interested parties as we help shape the future of insurance in the United States.”
Froment also serves on the National Association of Insurance Commissioners (NAIC) executive committee, is serving her second term as chair of the Interstate Insurance Product Regulation Commission (IIPRC), and is vice-chair of the Financial Regulation Standards and Accreditation Committee. The NAIC is a national organization of insurance regulators whose main objective is to provide support to insurance regulators across the country by promoting competitive markets, improvement of insurance regulations and equitable treatment of insurance consumers. The IIPRC ensures consumer safeguards in asset protection insurance products through uniform legislation and regulatory oversight for life insurance, annuities, disability income, and long-term care insurance.
Ohio is home to 260 insurers, is the sixth largest insurance state in the country and the 19th largest insurance market in the world with $84 billion in premium volume. The Ohio Department of Insurance regulates more than 1,600 insurance companies, 220,000 insurance agents, and 18,000 insurance agencies.